SEC File No. 333-68239
Filed Pursuant to Rule 497(h)
PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED JUNE 18, 1999)
PILGRIM PRIME RATE TRUST
390,249 SHARES OF BENEFICIAL INTEREST
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During the period August 11, 1999 through August 13, 1999, Pilgrim Prime
Rate Trust (the "Trust") sold 390,249 shares of beneficial interest of the Trust
through a broker-dealer that has entered into a selected dealer agreement with
Pilgrim Securities, Inc. ("PSI"), which is the underwriter for the Trust in
connection with this offering. The highest and lowest executed sales price at
which shares were sold during that period was $9.50 and $9.4375.
Gross Proceeds ................................................ $3,683,287.44
Broker-Dealer Commissions...................................... $ 147,331.50
Net Proceeds to Trust.......................................... $3,535,955.94
On August 13, 1999 the last reported sales price of the Shares on the NYSE
was $9.50
Note: S.E.C. fees were not used in arriving at any of the above figures.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES, OR DETERMINED THAT THIS
PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
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The date of this Prospectus Supplement is August 13, 1999.
